Jan 13, 2026moderatetransfer ratio cut
Capital One cuts Emirates transfers to 1,000:750
1:1 → 1,000:750
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Capital One Devaluations: The Complete Record
Every documented Capital One points devaluation — dated, sourced, and graded. Updated automatically.
Capital One has made 3 documented changes in the trailing 24 months, most recently Feb 1, 2026. Current risk grade: Elevated.
Cadence: 2 documented devaluations since 2026, averaging 0.6 months apart. (Improvements not counted.)
Questions
How many times has Capital One devalued?
2 documented devaluations on our documented record since 2026. Improvements are tracked separately and never netted in.
When did Capital One last devalue?
February 1, 2026 on our documented record: Free guest and authorized-user lounge access ends for Venture X.
What was Capital One's biggest devaluation?
Free guest and authorized-user lounge access ends for Venture X (February 1, 2026) — rated major on our documented record.
Transfer partner changes.
Only the transfer-ratio and partner changes — the “is my bank cutting partners” question at a glance.
The complete record.
Feb 1, 2026majorbenefit removed
Free guest and authorized-user lounge access ends for Venture X
Free (guests and authorized users) → $45/guest; $125/year per authorized user
Jan 13, 2026moderatetransfer ratio cut
Capital One cuts Emirates transfers to 1,000:750
1:1 → 1,000:750
Sep 23, 2025moderateimprovement
Japan Airlines Mileage Bank, Qatar Airways Privilege Club and I Prefer Hotel Rewards added as transfer partners
no transfer option (19 partners) → JAL 2:1.5, Qatar 1:1, I Prefer 1:2 (22 partners)
Oct 7, 2021majorimprovement
Transfer ratios improved to 1:1 for six major airline partners
2:1.5 (most) or 2:1 (Emirates/Singapore) → 1:1
Apr 20, 2021majorimprovement
Transfer ratios improved to 1:1 for multiple partners + four new partners added
2:1.5 → 1:1 (select partners); new partners added at launch ratios